RES 1966-181 - 00011237252
RESOLUTION NO. 181 - 1966
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT
ACCORDANCE WITH LAWS OF 1957, CHAPTER 385
BE IT RESOLVED, by the Council of the City of Fridley, Anoka County, Minnesota,
as follows:
SEC. 1. The total estimated cost of the 1966 -1, 1966 -2, 1966 -3 and 1966 -4 Street
Improvement Projects has been estimated at $593.731.00.
-SEC. 2. It is now estimated that the sum of $285,000.00 is currently
necessary to provide financing of the projects above noted, and it is hereby ,
determined to be necessary to borrow said amount for the payment of obligations
now incurred and for expenses necessarily incurred in connection with the
construction of said improvement project.
SEC. ;3 There is hereby created 1966 Street Improvement Fund which shall
contain a construction account as part thereof into which shall be paid all
proceeds of temporary bonds issued pursuant to this resolution and similary
subsequent resolutions, and nut of which shall be paid all amounts due and
payable as costs or expenses incident to or incurred in connection with the
making of said improvement.
SEC. 4. There is also hereby created 1966 Street Improvement Fund (temporary)
a Sinking Fund Account, which account in said fund may and shall be termed as the
Sinking Fund, into which shall be paid the proceeds of all special assessments
levied against benefited property by reason of making of said improvements as
well as all other monies therein to be paid as provided by law and out of which
shall be paid the principal and interest on all temporary improvement bonds
issued to finance said project.
SEC. 5. It is hereby determined that the sum of $285,000.00 shall be borrowed
to finance said 1966 Street Improvement. Project with resnect to cost of
construction and expenses necessarily incurred relative thereto to this date,
by the issuance of temporary improvement bonds of the City of Fridley as author-
ized in Minnesota Statutes, Sec. 429.01, Subdivision 3, as amended by Laws 1957,
Chapter 385.
SEC. 6. Said bonds shall be payable from the SinkinP Fund of the following:
1936 Street Imnrovement Fund but the City further recoPrized its duty under
the law, as provided by See. 429.091, and covenants and a <^rees with the
purchaser and all holders from time to time, of said temporary improvement
bonds, at or prior to the maturity thereof that it will pay and retire such bonds
and the interest, thereon out of the proceeds of definitive improvement bonds
which the Council shall issue and sell at or nrior to the maturity of the temp-
orary improvement bonds to the extent that the same cannot be paid out of funds
available in the Sinking Fund of 1966 Street Improvement Fund or out of other
Municipal funds which are properly available and are appropriated by the Council
for such purpose.
SEC. 7. It is hereby determined to levy special assessments against benefited
property by reason of the amking of 1966 Street Improvement Project and to
levy ad valorem taxes, if necessary, to produce sums at least 51 in excess of
the amounts sufficient to pay principal and interest when due on said temporary
improvement bonds and on any definitive bonds to be issued as herein provided,
such special assessments to be placed on the tax rolls at such time when said imp-
rovement projects have been completed or the total cost thereof has been determined.
SEC. 8. Said temporary improvement bonds in the amount of $285,000.00 shall
be denominated 1966 Street Improvement Project Bond Seried 'B" (temporary)
shall be fifty -seven (57) in number and numbered from 1. to 57 inclusive, each in
the denomination of $5,000.00, shall bear interest at the rate of 5% per annum
payable semi- annually on June 1st and December 1st of each year and shall mature
on December 1, 1969, shall be subject to redemption and pre- navment on any
interest payment date, at per and accrued interest. Not less than 30 dais
before the date specified for redemption on said bonds, the City Treasurer
shall mail notice of the call thereof to the holder, if known, said Treasurer
shall maintain a record of the names and address of the holders of said bonds
insofar as such information is made available to him by the holders thereof,
for the purpose of mailing said notices. The principal and all interest on
said bonds shall be payable at Fridley City Hall, 6431 University Avenue N.E.,
Minneapolis, Minnesota, 55421.
nsow ION N0. 181 -1966 Continued 2 J 3
SEC. 9. Said temporary improvement bonds shall be mimeographed and when so
mimeographed shall have attacced thereto an interest coupon which bond and
coupon shall be substantially in the following form:
(Form of Coupon)
No. $
(Unless the bond described below is called for earlier redemption)
on the day of , 19____, the of
County, Minnesota, will pay to the bearer at
Minnesota, the sum of dollars lawful
money of the United States of America for interest then due on its
DATED
CITY MANAGER MAYOR
SEC. 10. Said bonds and coupons attached shall be prepared under the direction
of the City Manager and shall be executed on behalf of the City by the signatures
of the Mayor and Manager, and the corporate seal of the City shall be affixed
thereto, and the appurtenant interest coupon shall be mimeographed and authenticated,
by the printed, engraved, lithographed, or facsimile signature of said Mayor and
Manager. When said bonds have been executed and authenticated they shall be
delivered by the Treasurer to the purchaser thereof, upon payment of the purchase
price heretofore agreed upon and accrued interest to date of delivery and said
purchaser shall not be obligated to see to the application thereof.
SEC. 11. The City Manager is hereby authorized and directed to file a certified
copy of this resolution with County Auditor of Anoka County, together with such
other information as he shall require and to obtain from said County Auditor a
certificate that said bonds have been entered on this bond register.
SEC. 12. The bonds issued hereunder shall be payable for 1966 Street Improvement
Fund wfi_ch is hereby created. The Treasurer shall cause all monies received
from the proceeds of said bonds, all monies appropriated and transferred from
other funds and all special assessments for the improvements provided that if any
payment of principal or interest sham ?,ecome due when there is not sufficient
money in said fund to pay the same, the Treasurer shall pay such principal or
interest from the general fund of the City and such fund shall be reimbursed
for such advances out of monies to be credited to said fund when said monies
are collected. All proceeds for said bonds except accrued interest shall be
credited to the fund and used to pay the cost of said improvements.
SEC. 13. It is further provided that should it appear at any time that the monies
credited to said fund and provided for the payment of principal or interest on the
bonds when the sums become due are not sufficient to pay the same, that then the
City chall issue further definitive improvement bonds as authorized and provided
in accordance with Minnesota Statutes, Sec. L;29.091, Chapter 475, and that the
process of said further definitive bonds shall be first used to pay the principal
and interest as is then due and to redeem the temnorary bonds issued thereunder.
' SEC. fly. The City Council has determined that not less than twenty percent (20 %)
pf the total cost of said improvements will be paid by special assessments to be
levied against every lot, piece, or parcel of land benefited by the said improvements.
The City hereby covenants and agrees that it will do and perform, as soon as they
can be done, all acts and things necessary for the final and valid levy of such
special assessments, and in the event that anv such assessments be at any time
held invalid with respect to any lot, piece, or parcel of land, due to any error,
defect, or irregularity, or in any action of proceeding taken or to be taken by
the Council or any of the City Officers or employees, either in the making of
such assessment or in the performance of any condition precedent thereto, the
City and this Council will forthwith do all such further proceedings as may be
required by law to make such assessments valid and binding liens against such
property, and also shall take such further proceedings as may be required by law
to provide monies for the payment of principal and interest as the same fall due
on the bonds issued hereunder and to provide for the redemption of the same.
254
RESOLUTION NO. 181 - 1966 Continued
SEC. 15. It is hereby determined that the collection of special assessments
and the proceeds of monies appropriated and transferred from other funds is
and will be in an amount of at least five per cent (IM in excess of the amount
required to pay the principal of and the interest on said bonds when -due and
that no ad valorem tax levy is accordingly required.
SEC. 16. The officers of the City and the County Auditor of Anoka County are
hereby authorized and directed to prepare and furnish to the purchaser of said
bonds and to the attorneys approving the legality of the issuance thereof,
certified copies of all proceedings and records relatinP to said bonds and to
the financial affairs of said City, and such other affidavits, certificates and
information as may be required, to show the facts relating to the legality and
marketability of said bonds as the same appear from the books and records under
their custody and control or as otherwise known to them, and such certificated,
certified copies and affidavits, including any heretofore furnished, shall be
deemed representations of the City as to the correctness of all statements
contained therein.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
5TH DAY OF DECEMBER, 1966.
ATTESTS
CITY - Marvin C. Brunsell
MAYOR - Jack 0. Kirkham